Wednesday preview: Tesla results, Wetherspoons update in focus
By Michele Maatouk
Date: Tuesday 21 Jul 2026
(Sharecast News) - On Wednesday, investors will eye the release of interim results from Reach and a fourth-quarter trading update from pub group JD Wetherspoon.
Across the pond, quarterly results from AT&T, Alphabet, Philip Morris and Tesla will be in focus.
AJ Bell analysts Dan Coatsworth and Danni Hewson noted that Alphabet is one of the main participants in the AI arms race which is seeing hundreds of billions spent on the infrastructure required to power increasingly sophisticated artificial intelligence.
"Its shares have performed better than some of its hyperscaler peers as it looks to use its own custom chips to help keep a lid on the escalating costs associated with AI," they said.
"Alphabet's first-quarter earnings will be a harder act to follow than Freddie Mercury at Live Aid after an extremely strong showing from its cloud computing arm and a resilient performance for its advertising business helped it handsomely beat analyst expectations.
"There remain significant concerns about Alphabet's huge levels of AI spending, which look set to swallow up a significant proportion of its cash flow in the coming years. To keep the market on side, the company will need to keep delivering the goods and to start to demonstrate some benefits from this expenditure."
Coatsworth and Hewson said considerable attention is likely to be paid to guidance for 2027 spending and also on Alphabet's ability to convert a healthy backlog of $400bn in its Google Cloud business into recognised revenue.
Elon Musk's Tesla will report after the market closes on Wednesday. Kathleen Brooks, research director at XTB, said the market will want to hear about cash flow, noting that Q2 saw under-production as the company sold off some of its inventory of vehicles, which positions it well for the future.
"However, there could be a sting in the tail, and some analysts are expecting Musk to announce a delay to cybertaxi production," she said.
On the macro calendar, UK consumer price and producer price inflation figures for June will be released at 0700 BST.
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